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ITM Power PLC on Thursday said it has a clear strategic focus on the highest-growth hydrogen markets and expects strong revenue growth to continue in the new financial year, though its loss widened. The Sheffield-based designer and manufacturer of electrolyser systems for green hydrogen production said its pretax loss widened to £45.4 million in the financial year that ended April 30 from £27.1 million the year before. Loss from operations before exceptional items increased to £41.5 million from £38.0 million. One exceptional item was a £13.0 million cost relating to the settlement of a commercial dispute with Linde PLC. Revenue climbed 58% to £26.0 million from £16.5 million. Cost of sales increased 50% to £49.7 million from £33.2 million, while administrative expenses came in 52% higher at £34.3 million from £22.6 million. Looking ahead, Chief Executive Officer Dennis Schulz said: ‘Our next-generation stack platform, Chronos, is progressing well through development and validation, and is destined to further substantiate our lead among proton exchange membrane [PEM] electrolyser companies. With a strong balance sheet, clear strategic focus on the highest-growth hydrogen markets, and our agility, we are uniquely positioned for sustained success. Our record order backlog, expanding sales pipeline, and commercial traction are driving tangible momentum on our pathway to profitability.’ Chair Roger Bone said: ‘Over the next year, we will continue to invest in our core technology, enabling us to remain at the forefront of the industry. We will also introduce more automation, particularly in stack assembly, which will enhance our production capabilities.’ Chief Financial Officer Amy Grey said the immediate priority is to successfully execute current projects, while actively securing new opportunities to grow the customer base. ITM Power guided for revenue between £35 million and £40 million in financial 2026, up at least 35% from the £26.0 million in financial 2025. CFO Grey said: ‘Our revenue is expected to increase by almost 50% year-on-year, with the majority of the revenue coming from contracted product sales.’ Further, the company expects an adjusted loss before interest, tax, depreciation and amortisation of between £27 million and £29 million in financial 2026, narrowed from £33.0 million in financial 2025 and from £30.4 million in financial 2024. ITM Power highlighted that 60% of its contracted order backlog is profitable, with the share set to grow in financial 2026. CFO Grey added: ‘ITM enters FY26 with confidence and momentum. The strategic foundations we have built over the past two years are now translating into tangible results, positioning us to capture the expanding opportunities in the global hydrogen market.’ ITM Power shares were up 10% to 74.94 pence on Thursday afternoon in London. Copyright 2025 Alliance News Ltd. All Rights Reserved.
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